Charles River bought by State Street

Sunday, July 22nd 2018, 9:45AM

Charles River, which provides functions to managers including Milford Asset Management, is being acquired by State Street Corporation.

The acquisition will combine Charles River’s front and middle office Software as a Service capabilities with State Street’s extensive front, middle and back office capabilities to deliver a comprehensive end-to-end interoperable Buy-Side platform.

“The synergy between our firms provides the market with a major new differentiating offering that will change the way the buy side operates,” said Peter Lambertus, CEO of Charles River. “State Street’s commitment to investment in R&D is also a big plus. In today’s SaaS technology environment, Charles River’s hosted platform provides for up-to-date software, data provisioning, management, open integration and optimal operations which relieves clients of the cost and burden of on-premises operations. These SaaS capabilities will play a major role in the overall end-to-end offering.”

The platform integration capabilities will allow clients to use different supplier components and services as desired.